Why economies fail ; False Economy does a skillful job in exploring the sagas of countries to figure out why some succeed and others don't. Yet, it doesn't quite get it right.

Alan Beattie's new book provides a whirlwind tour across thelandscape of economic history to figure out why some countries arepoor and others rich. "Countries do not get rich by accident. Theymake choices that determine the path their economies take, he says.Beattie, a world trade editor at the Financial Times, begins hisdizzy voyage by comparing the US with Argentina two countries thatwere relatively at par with each other at the turn of the 20thcentury.

Both had massive, fertile tracts of land, were opening up toimmigration and fed much of Europe with their beef. However,Argentina pampered its elite landowners while severely restrictingland ownership. Juan Peron, in …